What can common people deduct on taxes?

Answer The Internal Revenue Code permits an individual taxpayer the ability to either take a standard deduction or to itemize specific deductions--whichever course proves to be most beneficial. There are ... Read More »

Top Q&A For: What can common people deduct on taxes

What can you deduct from taxes?

Several tens of thousands of pages (maybe more) exist on this topic. No list does, nor is a list possible.

What Can I Deduct From My Taxes for Remodeling?

The Internal Revenue Service does not typically allow taxpayers to deduct the costs of home remodeling from their income taxes. However, the cost of the home improvements can be added to the taxpay... Read More »

What payroll taxes can the employer deduct?

The law requires employers to deduct income taxes from employees' wages. The employer is also responsible for submitting the taxes to the government. The withholding amount depends on the type of t... Read More »

What taxes can I deduct on my small business?

Small businesses can deduct expenses that are considered "necessary and ordinary" for conducting business, according to the Internal Revenue Service. Taxes, costs of goods sold, capital expenses an... Read More »